证券研究报告 纺织服饰 | 服装家纺 港股|公司点评报告 hyzqdatemark 2025 年 10 月 21 日 证券分析师 丁一 SAC：S1350524040003 dingyi@huayuanstock.com 周宸宇 zhouchenyu@huayuanstock.com 市场表现： | 基本数据 | 2025 | 年 | 10 | 月 17 日 | | --- | --- | --- | --- | --- | | 收盘价（港元） | | | | 5.85 | | 一年内最高/最低（港 | | | | 6.70/3.67 | | 元） | | | | | | 总市值（百万港元） | | | | 12,095.94 | | 流通市值（百万港元） | | | | 12,095.94 | | 资产负债率（%） | | | | 25.56 | | 资料来源：聚源数据 | | | | | 361 度(01361.HK) 投资评级： 买入（维持） ——25Q3 零售额维持快速增长，品牌 ONEWAY 重新出发 投资要点： | 盈利预测与估值（人民币） | | | | | | | --- | --- | -- ...

证券之星消息，10月20日服装家纺板块较上一交易日上涨0.3%，七 匹 狼领涨。当日上证指数报收于 3863.89，上涨0.63%。深证成指报收于12813.21，上涨0.98%。服装家纺板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 002029 | 七匹狼 | 9.52 | 10.06% | 23.85万 | | 2.25亿 | | 002193 | 如意集团 | 5.30 | 4.74% | 15.30万 | | 8062.04万 | | 002569 | *ST步森 | 9.49 | 4.52% | 3.58万 | | 3374.39万 | | 001209 | 并示股份 | 17.91 | 4.01% | 4.63万 | 8161.48万 | | | 603839 | 安正时尚 | 9.39 | 3.87% | 21.90万 | | 2.04亿 | | 002780 | 三夫户外 | 13.83 | 3.83% | 5.81万 | 7951.29万 ...

Investment Rating - The report maintains an investment rating of "A" for the textile and apparel industry [1]. Core Insights - The textile and apparel industry has shown a mixed performance in exports, with China's textile and apparel exports for January to September 2025 amounting to $106.48 billion and $115.21 billion respectively, reflecting a year-on-year growth of 2.1% and a decline of 2.5% [3][19]. - Vietnam's textile and apparel exports for the same period have shown a cumulative year-on-year growth of 8.77% [4][19]. - The report highlights strong retail performance for brands like 361 Degrees and Tebu International, with 361 Degrees achieving healthy growth in retail sales [2][12]. Summary by Sections Weekly Observation - Major Taiwanese textile manufacturers reported September 2025 revenue data, with notable performances including: - Yuanyuan Group: September revenue down 3.8%, but a 2.3% increase year-to-date [20]. - Fengtai Enterprises: September revenue down 0.87%, with a 4.29% decline year-to-date [5]. - Laiyi Industry: September revenue up 0.65%, with an 8.16% increase year-to-date [6]. - Juyang Industrial: September revenue down 28.22%, with a 0.99% decline year-to-date [7]. - Ruhong: September revenue up 1.59%, with a 5.39% increase year-to-date [8]. Market Performance - The SW textile and apparel sector saw a decline of 0.31% in the week, while the SW light industry sector fell by 2.22% [11][23]. - The SW textile manufacturing sub-sector dropped by 2.73%, while the SW apparel and home textile sector rose by 0.41% [11][23]. Industry Data Tracking - China's textile and apparel exports for January to September 2025 were $106.48 billion and $115.21 billion, with year-on-year changes of 2.1% and -2.5% respectively [19][48]. - Vietnam's textile and apparel exports showed a cumulative year-on-year growth of 8.77% for the same period [4][19]. Industry News - MUJI's parent company reported a global revenue increase of 18.6% for the last fiscal year, with significant growth in the Chinese market [63][64]. - LVMH reported a 4% decline in total revenue for the first nine months of 2025, but noted a return to growth in the Chinese market [68][69]. - Lao Feng Xiang announced a $24 million investment to acquire a 20% stake in Maybach Luxury Asia Pacific, aiming to enhance its high-end product offerings [70][71].

证券研究报告 | 2025年10月20日 特步国际（01368.HK） 第三季度主品牌流水增长低单位数，索康尼增长超 20% |  | 公司研究·海外公司快评 |  | 纺织服饰·服装家纺 |  投资评级：优于大市（维持） | | --- | --- | --- | --- | --- | | 证券分析师： | 丁诗洁 | 0755-81981391 | dingshijie@guosen.com.cn | 执证编码：S0980520040004 | | 证券分析师： | 刘佳琪 | 010-88005446 | liujiaqi@guosen.com.cn | 执证编码：S0980523070003 | 事项： 公司公告：2025 年 10 月 17 日，公司发布 2025 年第三季度营运状况，第三季度特步主品牌线上线下全渠 道零售销售流水同比增长低单位数，零售折扣 7.0-7.5 折，渠道库销比 4.0-4.5 个月；索康尼品牌线上线 下全渠道零售销售流水同比增长超过 20%。 国信纺服观点： 1、第三季度特步主品牌、索康尼流水增长环比保持稳定，折扣和库存保持稳定，管理层维持全年指引； 2、风险提示 ...

招商证券香港发布研报称，特步国际(01368.HK)重申2025全年业绩指引，并预计四季度将实现强劲增 长，并维持2025-27年盈利预测不变。鉴于"X Young"和索康尼持续拉动增长，该行的目标价基于12.5倍 26年中期市盈率，仍属于自2015年以来的长期平均估值水平，维持目标价7.7港元，维持增持评级。 投行对该股的评级以买入为主，近90天内共有28家投行给出买入评级，近90天的目标均价为7.53港元。 申万宏源最新一份研报给予特步国际买入评级。 机构评级详情见下表： | 股票代码 | 股票简称 | 投行名称 | 发布日期 | 评级 | 目标价(港元) | | --- | --- | --- | --- | --- | --- | | 01368.HK | 特步国际 | 申万宏源 | 2025-10-19 | 买人 | -- | | 01368.HK | 特步国际 | 招商证券(香港)有限公司 | 2025-10-19 | 增持 | 7.70 | | 01368.HK | 特步国际 | 华西证券 | 2025-10-19 | 买人 | | | 01368.HK | 特步国际 | 浙商证券 | 2025 ...

Investment Rating - The report maintains a "Buy" rating for the textile and apparel industry, highlighting the resilience of the sportswear segment and the potential for growth in domestic demand [22][27]. Core Insights - The textile and apparel sector outperformed the market, with the SW textile and apparel index declining by 0.3%, outperforming the SW All A index by 3.3 percentage points from October 13 to October 17 [3]. - Recent industry data indicates a 2.9% year-on-year increase in retail sales for clothing, shoes, and textiles, totaling 940 billion yuan from January to August [10]. - The report emphasizes the significance of overseas production capacity and the upcoming third-quarter performance reports from various companies, suggesting that firms like Yanjiang and Nuobang may benefit from industry opportunities [8][10]. Summary by Sections Textile Sector - The textile export value for September was $12 billion, reflecting a year-on-year increase of 6.4%, while the overall textile and apparel export value for the first nine months was $221.69 billion, down 0.3% year-on-year [11][46]. - The report notes that the U.S. tariff policies are causing a divergence in production locations, favoring companies with established overseas capabilities [8][11]. Apparel Sector - The third-quarter operational data from Xtep and 361 Degrees shows resilience in the sportswear segment, with 361 Degrees reporting a 10% increase in offline sales for its main brand and children's line [9][24]. - The report recommends focusing on Bosideng due to favorable conditions for winter clothing sales, extended sales windows due to the delayed Spring Festival, and a high dividend yield [9][10]. Key Company Performance - 361 Degrees reported a 10% year-on-year increase in offline sales and a 20% increase in e-commerce sales for Q3 2025, demonstrating strong operational resilience [17][24]. - Xtep's main brand saw low single-digit growth in Q3, with online sales outperforming offline sales, particularly in children's and outdoor products [24][25]. Market Trends - The report highlights a mild recovery in domestic demand, with retail sales for clothing and textiles showing positive growth trends [10][39]. - The competitive landscape is shifting, with companies that can adapt to changing consumer preferences and optimize their supply chains expected to perform better [8][10].

Core Viewpoint - ST Er Ya (600107) has experienced significant stock price fluctuations, with a recent increase of 22.42% to 8.79 yuan, raising concerns about potential financial risks and ongoing investigations into the company's management [1][4]. Trading Information Summary - ST Er Ya was listed on the "Dragon and Tiger List" due to a cumulative price deviation of 12% over three consecutive trading days, marking its first appearance on the list in the past five trading days [2][5]. Company Announcement Summary - The company reported a revenue of 129 million yuan and a net loss of 21.86 million yuan for the first half of 2025. If annual revenue falls below 300 million yuan and losses continue, it may trigger financial delisting risk warnings [3][4]. - The 2024 financial report received a qualified opinion, and the internal control audit report was issued with a negative opinion. If the 2025 internal control audit report also receives a similar opinion, it may lead to regulatory delisting risk warnings [3][4]. - The company and its actual controller, Chairman Zheng Jiping, are currently under investigation by the China Securities Regulatory Commission, with uncertain outcomes [3][4][5].

从资金流向上来看，当日服装家纺板块主力资金净流入3867.85万元，游资资金净流出1.55亿元，散户资 金净流入1.16亿元。服装家纺板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 601718 际华集团 | | 2.94亿 | 36.59% | -1.05 Z | -13.13% | -1.88 Z- | -23.46% | | 003016 | 欣贺股份 | 5442.06万 | 25.68% | -3005.73万 | -14.18% | -2436.32万 | -11.50% | | 600398 海澜之家 | | 3823.10万 | 12.84% | -1538.18万 | -5.17% | -2284.92万 | -7.67% | | 300952 | 恒辉安防 | 1889.91万 | 2.27% | 17.73万 | 0.02% | -1907.64万 | -2.29% ...

从资金流向上来看，当日服装家纺板块主力资金净流出2.28亿元，游资资金净流入9316.63万元，散户资 金净流入1.35亿元。服装家纺板块个股资金流向见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 300952 | 恒辉安防 | 34.82 | -7.54% | 13.75万 | 4.88亿 | | 300901 | 中劇时尚 | 15.75 | -3.96% | 5.03万 | 8038.32万 | | 603518 | 锦泓集团 | 9.74 | -3.94% | 21.19万 | 2.09亿 | | 300577 | 开润股份 | 22.62 | -3.54% | 1 2.23万 | 5109.77万 | | 603001 | 奥康国际 | 8.41 | -3.22% | 4.65万 | 3957.16万 | | 001209 | 并示股份 | 17.18 | -3.05% | 3.51万 | 6110.11万 | | 002269 | 美邦服饰 | 2.31 | -2.94% ...

Group 1: Guoguang Chain - Guoguang Chain reported a net profit of 11.49 million yuan for the first three quarters, a year-on-year increase of 40.36% [1] - The company's operating income for the first three quarters was 2.134 billion yuan, up 4.22% year-on-year [1] - In the third quarter, the operating income was 685 million yuan, a decrease of 0.29% year-on-year, with a net loss attributable to shareholders of 8.41 million yuan [1] Group 2: Beijing Lier - Beijing Lier achieved a net profit of 348 million yuan for the first three quarters, a year-on-year increase of 12.2% [2] - The company's operating income for the first three quarters was 5.446 billion yuan, up 9.17% year-on-year [2] - In the third quarter, the operating income was 1.989 billion yuan, with a net profit of 130 million yuan, reflecting a 34.34% increase year-on-year [2] Group 3: Aidi Pharmaceutical - Aidi Pharmaceutical plans to increase capital by 10 million yuan in its subsidiary, Aipu Medical, maintaining a 35% ownership stake [3] - The capital increase aims to facilitate Aipu Medical's acquisition of a 25% stake in Sailian Biology, enhancing its strategic position in HIV testing services [3] Group 4: Neusoft Carrier - Neusoft Carrier's controlling shareholder plans to reduce its stake by up to 1.06%, equating to 4.9126 million shares [5] - The reduction is due to operational needs of the limited partnership involved [5] Group 5: Changrong Co. - Changrong Co. signed a strategic cooperation agreement with Heidelberg, effective from December 1, 2025, for product sales and technical services [6] - The agreement includes exclusive distribution rights for Changrong products in specific regions [6] Group 6: Diao Water Huazhong - Diao Water Huazhong's subsidiary received a quality certification for its ceramic tiles, meeting the highest national standards [7] Group 7: Xinpeng Technology - Xinpeng Technology plans to establish a wholly-owned subsidiary in Singapore with an investment of 1.5 million USD, focusing on the import and export of new energy products [8] Group 8: Shenh Textile A - Shenh Textile A's subsidiary plans to invest 1.334 billion yuan in a new production line for polarizers, with an expected annual output of 18 million square meters [9] - The project will take approximately 23 months to complete [9] Group 9: Shuo Beid - Shuo Beid expects a net profit of 49.53 million to 51.53 million yuan for the first three quarters, a year-on-year increase of 1258.39% to 1313.24% [11] - The anticipated net profit for the third quarter is between 16 million and 18 million yuan, reflecting a growth of 2836.86% to 3203.96% [11] Group 10: Hongdou Co. - Hongdou Co. plans to acquire online business assets for 485 million yuan, including stakes in five subsidiaries and numerous patents [12] - The seller guarantees that the assets will generate a cumulative net profit of no less than 116 million yuan from 2025 to 2027 [12] Group 11: Fuan Energy - Fuan Energy intends to increase capital by 310 million yuan to support the construction of a green methanol project in Foshan, with a total investment of approximately 2.058 billion yuan [14] Group 12: Zhuangzi Island - Zhuangzi Island expects a net loss of 29 million to 35 million yuan for the first three quarters, indicating an increase in losses compared to the previous year [17] Group 13: Sanhao Environmental - Sanhao Environmental announced the termination of its acquisition of 100% of Ruise Environmental due to unmet conditions in the original agreement [18] Group 14: Chip Origin - Chip Origin plans to acquire 97.89% of Zhudian Semiconductor for 930 million yuan, aiming for full control of the company [22]